A medical technology firm based on Mayo Clinic research and financial investment raised $7 million last week, bringing its 12-month fundraising total to more than $32 million.
St. Louis Park-based NeoChord, founded in 2007, makes a cord or string that is used to repair mitral-valve regurgitation for cardiac patients.
Mayo Clinic has a license agreement with Neochord to commercialize the device based on research by cardiac surgeons Dr. Richard Daly and Dr. Giovanni Speziali. Mayo Clinic is also invested in the company.
NeoChord makes a simple cord that is used to repair mitral-valve regurgitation for cardiac patients as well as the tool used to insert it. The process is done without the invasive “cracking the chest open” procedure typically used in heart surgery. The heart keeps beating during the procedure.
The market for this type of treatment is estimated in the billions of dollars.
This latest $7 million in funding came from St. Louis Park-based Strategic Healthcare.
NeoChord President and CEO David Chung was quoted in a company press release as stating, “NeoChord is leveraging our extensive commercial experience in Europe with beating heart chordal replacement to further accelerate development of our transcatheter programs.”
Mitral regurgitation means the valve or leaflet that controls the flow of blood from the left atrium to the left ventricle is not working right. Some of the blood moving through the valve leaks back into the atrium.
About 250,000 patients are diagnosed with mitral regurgitation in the United States each year. About two percent of the U.S. population have the condition.